What goes up, must come down. True for physics, as well as crypto. Maybe more true for crypto than physics these days. After almost five days of green, the crypto market is experiencing a pullback. The Top 100 board is covered in red with a number of altcoins crossing a double-digit loss. Most have lost their gains for the past three days. There were a couple of wins though, most notably Dogecoin which is currently pumping.
The total market capitalization is now at $223 Billion, less than $9 Billion from yesterday. The 24-hour volume is still at $13 Billion and is currently steady. As is usual when there’s a market pullback, BTC dominance is inching higher at 53.6%.
For Bitcoin (BTC), FOMO is still not catching up and it has dropped below $7k. Trade volume is steady at $4.2 Billion, but the price has fallen-2.11% on the day back to $6940. Yesterday went as high as $7131 before correcting lower and staying just a notch above $7k. Current support level is at $6920 and any movement below would be dangerous as we are nearing the weekends. On the upside, we have $7080 as the current resistance and above, it could challenge yesterday’s high.
Ethereum (ETH) is down the drain again and has fallen into the pits at -4.94% loss on the day. Yesterday, ETH went as high as $298. Then it corrected and leveled at the $290 support level. Then there was another downside move to $285. Currently, it is at $279 and is still falling back to the bearish zone. On the upside, the new resistance is at $295.
The Top 10 altcoins are all in the red except for Tether below 1%. The biggest loser today is IOTA, which is correcting hard at -13.22%. Its price has dipped to $0.68 from yesterdays $0.79. Stellar is next on the line at -7.21% loss on the day. The rest have fallen 4-5% today.
The Top 25 is likewise reeling with Ontology dealing with a hard -12.70% on the day. Current price is at $2.36. TRON and VEChain are also experiencing double-digit losses on the day at an average of 10%. The rest are at 3-5% losses wiping out gains from the previous days. .
Larger losses can be seen in the top twenty with Tron and Dash dropping over 8% in 24 hours to $0.024 and $182 respectively. Neo, Nem, and VeChain are also falling back by 5-6 percent wiping out previous gains and the rest are losing 2-4 percent.
Further down the board, the only shining coin is Dogecoin which is surprisingly pumping at 21.59%. The move is supposed to have been pushed by the announcement of a smart contract that allows transfer of Dogecoin to and from Ethereum blockchain. The only other green in the Top 100 apart from Dogecoin is Bitcoin Diamond at 6.89%, Waltonchain at 5.14%, and Decentraland and Mana, both at 4%. The rest are either very negligible green or else in the red. There’s a hefty list of double-digit losers such as Nano at -16.66%, Loopring, Wanchain, Chainlink, Nebulas all at % loss, and Aion, IOST, Bytecoin, and ICON at 10% loss on the day. Philippines NOAH Coin, which pumped yesterday, is now dumping at -11.90%.
Overall, the days performance may as well define the next few days for the cryptoland. If Bitcoin continues its downtrend, the market may suffer more skepticism in the next round of uptrend.
This article first appeared at CoinDNA – Bitcoin Retracing Below $7k, Dogecoin Running Away With A Pump As Altcoins Sink Back To The Reds
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